IT spending in India 2013-2023, by segment
In 2022, the spending in the information technology sector across India was above 109.6 billion U.S. dollars. It was projected that in 2024, the IT spending of India would reach more than 112 billion dollars. The IT-BPM industry contributed about 7.4 percent to the GDP of the nation. The industry also generated a revenue close to 194 billion dollars in financial year 2021. Communication services and the devices have been the dominant segments of the IT industry. The IT and ITeS firms of the country have set up over a thousand global delivery centers in about 80 countries globally.
IT-BPM at a glance
The industry has generated maximum employment in the private sector. It also made the country, the leading offshoring destination for global IT companies. Major IT firms in the country like Infosys, Wipro, TCS and Tech Mahindra have diversified options available in blockchain, artificial intelligence, robotics, financial services, cloud computing and much more. Banking and financial services had the largest share of annual contract value in the industry.
Recent trends
Public cloud services have picked up a lot of attention in the recent years in the country. The market for cloud services was value at over seven billion dollars in 2022. The revenue of the public could services market reached 7.3 billion U.S. dollars in the year of 2022. Emerging technologies in the sector could provide the nation with an opportunity to surf for a big growth, both in onshore as well as offshore services revenues.
IT-BPM at a glance
The industry has generated maximum employment in the private sector. It also made the country, the leading offshoring destination for global IT companies. Major IT firms in the country like Infosys, Wipro, TCS and Tech Mahindra have diversified options available in blockchain, artificial intelligence, robotics, financial services, cloud computing and much more. Banking and financial services had the largest share of annual contract value in the industry.
Recent trends
Public cloud services have picked up a lot of attention in the recent years in the country. The market for cloud services was value at over seven billion dollars in 2022. The revenue of the public could services market reached 7.3 billion U.S. dollars in the year of 2022. Emerging technologies in the sector could provide the nation with an opportunity to surf for a big growth, both in onshore as well as offshore services revenues.
